Winnipeg, Manitoba and Kalamazo, Michigan-based Monteris Medical Inc. has closed on US$7.8 million in new financing. BDC Health Venture Fund, managed by the Business Development Bank of Canada, led the round, with participation from the SWMF Life Science Fund, and several unnamed investors. The total funding raised in 2012 approached US$16 million, the company said in a press release. Monteris Medical has been backed by a mix of Canadian and US venture capital funds since 2001.
Monteris Medical Announces $7.8 Million Financing
Monteris® Medical Inc. (Monteris) announced today it has closed a $7.8 million financing round to support continued commercialization of the NeuroBlate System® in the North American neurosurgery market. Business Development Bank of Canada (BDC) led the round. Other investors included the SWMF Life Science Fund, and several independent parties. The total capital raised in 2012 approached $16 Million.
“I consider the support shown by our investors to be a vote of confidence and evidence that we met milestones set during our previous financing,” says John Schellhorn, President and CEO of Monteris. “We are proud of our team. They are working extremely hard to deliver a new version of the NeuroBlate System® to our customers. The objectives of the new version, which is currently being reviewed by FDA, are to reduce treatment times, provide better planning tools, be easier to use and serve as a platform for ongoing development.” “The monies raised in this round will be used to accelerate the company’s commercialization of the third generation NeuroBlate System,” added Monteris Chairman Kevin McGarry. “Our customer pipeline continues to grow as physicians confirm the NeuroBlate System is able to provide new options for brain tumor patients.”
“Monteris Medical remains an exciting opportunity for BDC.” states Gary Bantle, Partner, BDC Health Venture Fund. “Monteris has all of the key ingredients in place to be successful: a technology that works, a strong management team, regulatory clearance of key products and reimbursement for hospitals. We are pleased to support the company’s ongoing commercialization efforts.”
About Monteris Medical
Formed in 1999, Monteris Medical is a privately held medical device company dedicated to the development of innovative MRI-guided, laser-based brain cancer treatments. Monteris Medical markets the NeuroBlate System®, a neurosurgical ablation device providing controlled therapy for difficult-to-treat brain tumors. Monteris also offers the AXiiiS® Stereotactic Miniframe; a single use platform for image-guided, stereotactic brain biopsy; and the AtamA™ Head Coil and Stabilization System for MRI-guided neurosurgical procedures requiring head fixation.
Canada’s Business Development Bank, BDC puts entrepreneurs first. With almost 1,900 employees and more than 100 business centres across the country, BDC offers financing, venture capital and consulting services to 29,000 small and medium sized companies; Their success is vital to Canada’s economic prosperity.
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